| Headline: | Solera National Bancorp Announces First Quarter 2024 Financial Results |
| Location: | US |
| Post Date: | Apr 26, 2024 1:17 PM |
| TAG ID: | awire157362 |
| DocID: | 856772 |
| Word Count: | approx. 1309 words |
| Full story: | |
| Q1 2024 pre-tax and pre-provision income of $5.3 million. Net income of $3.0 million (0.70 per share). LAKEWOOD, CO / ACCESSWIRE / April 26, 2024 / Solera National Bancorp, Inc. (OTC PINK:SLRK) ("Company"), the holding company for Solera National Bank ("Bank"), a business-focused bank located in the Denver metropolitan area, today reported financial results for the three months ended March 31, 2024. For the first quarter of 2024, net income was $3.0 million ($0.70 per share). Q1 2024 net interest income of $9.2 million increased $1.0 million or 13% from Q1 2023. 1Q24 Financial Highlights The Company had a pre-tax and pre-provision income of $5.3 million. Total interest income of $17.2 million increased $3.8 million or 29% from Q1 2023. Earning asset yield increased to 6.03% from 5.25% or 15% from Q1 2023. Return on equity was 15.05%. Efficiency ratio was 48.49%. Steve Snailum, COO, commented: "The customer experience is better than ever at Solera! We have been able to service a record number of customer requests through our phone support and new live chat option. We are also extremely excited to announce that we are launching a new and improved website at the end of April. Solera remains committed to offering great products, exceptional rates, and personalized service, all while maintaining a top-tier efficiency ratio." Tim Pester, the Controller, commented: "Solera's adaptability and strategic foresight have positioned the bank to successfully navigate the Federal Reserve's current path of "rates higher for longer." To continue to steer through the constantly changing economic landscape, the bank will remain resilient and flexible." About Solera National Bancorp, Inc. Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September 2007. Solera National Bank is a community bank serving the needs of emerging businesses and real estate investors. At the core of Solera National Bank is welcoming, attentive, and respectful customer service, a focus on supporting a growing and diverse economy, and a passion to serve our community through service, education, and volunteerism. For more information, please visit http://www.SoleraBank.com . This press release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this release, which are not historical facts and that relate to future plans or projected results of Solera National Bancorp, Inc. and its wholly-owned subsidiary, Solera National Bank, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements. Contacts: Jay Hansen, CFO (303) 209-8600 FINANCIAL TABLES FOLLOW SOLERA NATIONAL BANCORP, INC. CONSOLIDATED BALANCE SHEET (unaudited) ($000s) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 ASSETS Cash and due from banks $ 2,095 $ 2,734 $ 2,156 $ 1,657 $ 1,957 Federal funds sold - - - - 5,300 Interest-bearing deposits with banks 1,079 2,582 1,651 1,528 2,214 Investment securities, available-for-sale 185,120 183,579 169,673 173,552 170,033 Investment securities, held-to-maturity 200,575 200,825 199,875 204,900 205,425 FHLB and Federal Reserve Bank stocks, at cost 7,952 12,225 7,516 9,043 7,103 Paycheck Protection Program (PPP) loans, gross 65 79 86 111 111 Traditional loans, gross 820,936 787,280 746,198 745,666 717,943 Allowance for loan and lease losses (10,808 ) (9,607 ) (9,405 ) (9,404 ) (8,847 ) Net traditional loans 810,128 777,672 736,793 736,262 709,096 Premises and equipment, net 29,448 28,173 28,918 27,625 26,816 Accrued interest receivable 7,807 7,272 7,232 6,557 7,044 Bank-owned life insurance 5,033 5,002 4,972 4,944 4,917 Other assets 8,607 6,547 12,611 8,952 10,291 TOTAL ASSETS $ 1,257,909 $ 1,226,690 $ 1,171,483 $ 1,175,131 $ 1,150,307 LIABILITIES AND STOCKHOLDERS' EQUITY Noninterest-bearing demand deposits $ 508,615 $ 511,616 $ 509,382 $ 539,522 $ 536,880 Interest-bearing demand deposits 53,514 48,122 46,153 42,825 56,715 Savings and money market deposits 255,655 169,328 272,948 219,834 210,476 Time deposits 240,047 241,149 232,728 130,716 147,174 Total deposits 1,057,831 970,215 1,061,211 932,897 951,245 Accrued interest payable 1,347 2,677 1,042 150 70 Short-term borrowings 79,104 138,077 7,100 137,193 98,432 Long-term FHLB borrowings 34,000 34,000 34,000 34,000 34,000 Accounts payable and other liabilities 4,659 2,181 2,860 2,786 2,489 TOTAL LIABILITIES 1,176,941 1,147,150 1,106,213 1,107,026 1,086,236 Common stock 43 43 43 43 43 Additional paid-in capital 38,763 38,748 38,748 38,748 38,748 Retained earnings 57,440 54,420 50,877 46,240 42,562 Accumulated other comprehensive (loss) gain (15,278 ) (13,671 ) (24,398 ) (16,926 ) (17,282 ) TOTAL STOCKHOLDERS' EQUITY 80,968 79,540 65,270 68,105 64,071 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,257,909 $ 1,226,690 $ 1,171,483 $ 1,175,131 $ 1,150,307 SOLERA NATIONAL BANCORP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended ($000s, except per share data) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Interest and dividend income 18 18 17 Interest and fees on traditional loans $ 13,277 $ 12,425 $ 11,862 $ 10,684 $ 9,691 Interest and fees on PPP loans - - - - 11 Investment securities 3,693 3,704 3,602 3,679 3,549 Dividends on bank stocks 224 159 163 163 120 Other 30 88 59 23 17 Total interest income $ 17,224 $ 16,376 $ 15,686 $ 14,549 $ 13,388 Interest expense Deposits 5,833 6,066 5,680 4,307 3,947 FHLB & Fed borrowings 2,200 1,662 1,497 1,819 1,281 Total interest expense 8,033 7,728 7,177 6,126 5,228 Net interest income 9,191 8,648 8,509 8,423 8,160 Provision for loan and lease losses 1,203 203 9 559 759 Net interest income after provision for loan and lease losses 7,988 8,445 8,500 7,864 7,401 Noninterest income Customer service and other fees 443 528 372 417 405 Other income 616 617 822 972 747 Gain on sale of securities 60 68 - - 242 Total noninterest income 1,119 1,213 1,194 1,389 1,394 Noninterest expense Employee compensation and benefits 2,418 2,046 1,957 2,101 2,015 Occupancy 401 342 341 336 292 Professional fees 495 383 148 96 112 Other general and administrative 1,656 1,378 1,362 2,124 1,104 Total noninterest expense 4,970 4,149 3,808 4,657 3,523 Net Income Before Taxes $ 4,137 $ 5,509 $ 5,886 $ 4,596 $ 5,273 Income Tax Expense 1,118 1,965 985 968 689 Net Income $ 3,019 $ 3,544 $ 4,901 $ 3,628 $ 4,584 Income Per Share $ 0.70 $ 0.82 $ 1.14 $ 0.84 $ 1.07 Tangible Book Value Per Share $ 18.83 $ 18.50 $ 15.18 $ 15.84 $ 14.90 WA Shares outstanding 4,299,953 4,299,953 4,299,953 4,299,953 4,299,953 Pre-Tax Pre-Provision Income $ 5,340 $ 5,712 $ 5,895 $ 5,155 $ 6,032 Net Interest Margin 3.40 % 3.32 % 3.29 % 3.37 % 3.36 % Cost of Funds 2.77 % 2.72 % 2.54 % 2.24 % 1.98 % Efficiency Ratio 48.49 % 42.37 % 39.25 % 47.46 % 37.83 % Return on Average Assets 0.97 % 1.18 % 1.67 % 1.25 % 1.71 % Return on Average Equity 15.05 % 19.58 % 29.40 % 21.96 % 30.11 % Leverage Ratio 7.7 % 7.6 % 7.6 % 7.3 % 7.2 % Asset Quality: Non-performing loans to gross loans 0.53 % 0.66 % 0.87 % 1.07 % 0.74 % Non-performing assets to total assets 0.34 % 0.43 % 0.55 % 0.68 % 0.46 % Allowance for loan losses to gross traditional loans 1.32 % 1.21 % 1.24 % 1.24 % 1.23 % Criticized loans/assets: Special mention $ 35,997 $ 9,688 $ 26,006 $ 29,164 $ 23,951 Substandard: Accruing 19,108 1,685 1,695 1,720 2,195 Substandard: Nonaccrual 4,332 5,223 6,508 8,005 5,300 Doubtful - - - - - Total criticized loans $ 59,437 $ 16,596 $ 34,209 $ 38,889 $ 31,446 Other real estate owned - - - - - Investment securities - - - - - Total criticized assets $ 59,437 $ 16,596 $ 34,209 $ 38,889 $ 31,446 Criticized assets to total assets 4.73 % 1.35 % 2.91 % 3.31 % 2.73 % SOURCE: Solera National Bancorp, Inc. 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